Tillman Holloway on why insured institutions beat self custody when things go wrong
Tillman’s argument comes down to who absorbs the loss. With self custody you can self insure, but when something goes wrong, as Coldcard holders found out, you’re the one eating it. Institutions carry a different risk profile. They may lose your data, and no one can give that back, but if they lose your money, insurance coverage means you get paid back. For him that mitigation is the whole point, and it’s a far more elegant and deployable solution than expecting every individual to carry catastrophic risk alone.
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